Syndicate

SYND is an ERC-20 with a fixed supply of 1,000,000,000. 920,000,000 were minted at genesis and 80,000,000 are scheduled to be emitted over 48 epochs of 30 days (~4 years). The current configuration uses a 1.0 decay factor, producing equal emissions per epoch (1,666,666.67 SYND), with emissions projected to start on 1 October 2025.

Primary functions:

• Network gas: SYND is used as gas on Syndicate Network and Commons Chain for sequencing and related operations. As the network decentralises, transaction fees are intended to accrue to operators maintaining the network.
• Staking and emissions: Holders stake SYND on Commons Chain and direct their stake toward registered appchains, which influences emission distribution. Each epoch’s emissions are split into three pools:
  • Base (30%) for all stakers, proportional to stake × time
  • Performance (30%) for stakers, mirroring the appchain allocations they backed
  • Appchain (40%) paid to appchains, weighted by transaction fees and attracted stake with logarithmic redistribution to support smaller chains Staker rewards become claimable after each epoch; appchain rewards vest linearly over one year. Planned evolution:
• Network security: Over time, staking is intended to secure the L2 directly, with operators paid in transaction fees while emissions decline in relative importance.